When a car is both stolen and totaled, the insurance process can be somewhat complex. Geico, like most other auto insurance providers, typically handles such situations through both comprehensive and collision coverage, if the policyholder has these coverages as part of their policy.
Filing a Claim: Once the theft is discovered, the first step is to file a police report immediately and then report the incident to Geico as soon as possible to initiate the claim process. Geico will usually require details from the police report and any other documentation related to the theft.
Stolen Vehicle Recovery: If the vehicle is recovered and is found to be totaled, Geico will assess the situation based on its condition. A car is considered totaled when the cost of repairs exceeds the actual cash value of the car pre-damage.
Comprehensive Coverage: If the vehicle is not recovered, comprehensive coverage typically applies. This coverage can help replace the car up to its actual cash value at the time of the theft, minus any applicable deductible. The policyholder should check if they have rental reimbursement coverage as Geico might offer a rental car until a resolution is reached.
Total Loss Settlement: If recovered but in a totaled state, Geico will evaluate the car’s market value prior to damage. They’ll provide a payment subtracting the deductible amount you agreed upon when policy terms were set. It’s crucial to review the valuation provided and discuss any discrepancies you might notice or provide proof of maintenance or upgrades that could affect value.
Loan or Lease Gaps: If you are financing or leasing your vehicle, and the settlement does not cover the remaining amount owed, gap insurance (if added to the policy) would cover the difference between the actual cash value and the remaining balance.
Personal Belongings: Geico’s auto policy does not generally cover personal items that were inside the vehicle. You may need to file a claim under a homeowners’ or renters’ insurance policy for these items.
Every situation may vary based on the policy details and state laws, so it’s recommended to contact Geico directly for guidance tailored to your specific policy and circumstances. Keep thorough documentation of all interactions, adjustments, and justificatory records regarding the incident for a smoother claims process.
